Pengaruh ESG terhadap Financial Performance dan Firm Value: Tinjauan Literatur Kritis

Itsna Muflikhah, Nurul Magfirah Surianto, Ahmad Syafar

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Penelitian ini bertujuan menganalisis konflik temuan mengenai pengaruh ESG disclosure terhadap financial performance dan firm value berdasarkan literatur terdahulu. Penelitian menggunakan metode literature review kritis non-SLR terhadap 17 artikel jurnal yang membahas ESG disclosure, ESG performance, ESG ratings, dan ESG action dalam kaitannya dengan kinerja perusahaan. Analisis dilakukan melalui sintesis naratif-kritis dengan mengelompokkan temuan ke dalam tiga fokus: hubungan ESG dengan financial performance, hubungan ESG dengan firm value, serta faktor yang menjelaskan perbedaan hasil penelitian. Hasil kajian menunjukkan bahwa sebagian besar artikel menemukan hubungan positif antara ESG dan financial performance, terutama pada indikator ROA, ROE, EBIT, ROC, dan profitabilitas. ESG juga dikaitkan dengan firm value melalui Tobin’s Q, market value, stock price, portfolio return, dan market performance. Akan tetapi, sebagian studi menemukan hasil lemah, negatif, tidak signifikan, atau non-linear karena perbedaan ukuran kinerja, konstruk ESG, pilar ESG, karakteristik industri, kualitas rating, respons pasar, serta beban biaya kepatuhan. Penelitian ini menyimpulkan bahwa ESG disclosure berpotensi meningkatkan financial performance dan firm value ketika informasi yang diungkapkan kredibel, konsisten, dan didukung tindakan ESG aktual.

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Referensi


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Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. (2020). ESG disclosure and firm performance before and after IR. International Journal of Accounting & Information Management. https://doi.org/10.1108/ijaim-09-2019-0108

Almeyda, R., & Darmansya, A. (2019). The Influence of Environmental, Social, and Governance (ESG) Disclosure on Firm Financial Performance. IPTEK Journal of Proceedings Series. https://doi.org/10.12962/j23546026.y2019i5.6340

Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal. https://doi.org/10.1108/meq-12-2017-0149

Chen, C., Dou, Y., Kuang, Y. F., & Naiker, V. (2023). Do professional ties enhance board seat prospects of independent directors with tainted reputations? Journal of Banking & Finance, 154, 106972. https://doi.org/10.1016/j.jbankfin.2023.106972

Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291. https://doi.org/10.1016/j.irfa.2022.102291

Climent, R. B., Garrigues, I. C. F. F., Paraskevopoulos, I., & Santos, Á. (2021). ESG Disclosure and Portfolio Performance. Risks. https://doi.org/10.3390/risks9100172

Giannopoulos, G., Fagernes, R. V. K., Elmarzouky, M., & Hossain, K. A. B. M. A. (2022). The ESG Disclosure and the Financial Performance of Norwegian Listed Firms. Journal of Risk and Financial Management. https://doi.org/10.3390/jrfm15060237

Guo, K., Bian, Y., Zhang, D., & Ji, Q. (2024). ESG performance and corporate external financing in China: The role of rating disagreement. Research in International Business and Finance. https://doi.org/10.1016/j.ribaf.2024.102236

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Lu, K., Onuk, C., Xia, Y., & Zhang, J. (2025). ESG Ratings and Financial Performance in the Global Hospitality Industry. Journal of Risk and Financial Management. https://doi.org/10.3390/jrfm18010024

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Sandberg, H., Alnoor, A., & Tiberius, V. (2022). Environmental, social, and governance ratings and financial performance: Evidence from the European food industry. Business Strategy and the Environment. https://doi.org/10.1002/bse.3259

Shalhoob, H. (2025). ESG Disclosure and Financial Performance: Survey Evidence from Accounting and Islamic Finance. Sustainability. https://doi.org/10.3390/su17041582

Veeravel, V., Sadharma, E., & Kamaiah, B. (2023). Do ESG disclosures lead to superior firm performance? A method of moments panel quantile regression approach. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.2598

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Zhou, G., Liu, L., & Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment. https://doi.org/10.1002/bse.3089




DOI: https://doi.org/10.37531/bijac.v7i1.12005

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